Volvo XC40 Recharge captures 25% share of luxury EV market in H1 2023

Volvo Car India’s luxury EV the XC 40 Recharge captured 25% of the market share in the luxury EV segment. According to data available on the Government of India’s Vahan portal, the XC40 Recharge sold 241 units in the period January-June 2023 which corresponds to 25% of the luxury EV segment.

Volvo’s XC 40 Recharge was launched in July 2022 with deliveries commencing in November 2022. 365 Volvo XC40 Recharge has been delivered since deliveries started in Nov 2022. The XC40 Recharge is India’s first locally assembled luxury electric SUV.

“The XC 40 Recharge capturing a twenty five percent market share in its segment, is indeed remarkable and coming at a time when we are celebrating the first anniversary of our Pure Electric XC40 Recharge launch makes it even more memorable. The XC40 Recharge is currently the only EV model in our portfolio and as such having a twenty five percent share is a reflection of the confidence that our customers have reposed in the brand” said Jyoti Malhotra, Managing Director, Volvo Car India.

XC40 Recharge pure electric is powered by a twin-motor. The SUV delivers a power output of 408 bhp and 660Nm of peak torque.

The introduction of C40 Recharge is in line with the company's commitment to have 100 percent electrified vehicles in the portfolio by 2030.